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Washington, D.C. - The health care reform bill approved by the House of Representatives late Saturday night would create jobs, Congressman Frank Pallone, Jr. said on Monday. New funding in health care and the more efficient use of existing funds would result in job creation and a boost to the economy, Congressman Pallone added.
"The health care sector is a significant part of the economy that would gain a major boost under the health reform legislation," said Pallone, a key author of the bill. "More money would be directed to health care at all levels and the funds would be used more efficiently."
With 36 million Americans added to the insurance rolls, the funding would add an estimated $100 billion in annual economic activity, according to the Council of Economic Advisors. The share of country's GDP eaten by health care spending would be slowed and the nation's deficit would actually be reduced.
The reform plan would devote significant resources to education and job training for the health care workforce, including high-tech jobs in hospitals clinics and biotechnology research. By excising wasteful spending in the system the country's unemployment rate would decrease.
The typical American family would also benefit from savings in insurance, adding an estimated $10,000 to their annual income by the year 2020, according to the CEA.
"These reforms will put people to work in new jobs that are part and parcel of the new economy," said Pallone. "The improved economic efficiency will free up money that can go to jobs and to help America's businesses compete. There is a multiplier effect for most health care spending, meaning one dollar will multiply to many dollars in economic activity."
Pallone said job creation is one of the more immediate priorities of the bill, with most new jobs in key areas, such as:
- Small businesses. The MIT economist John Gruber says 80,000 jobs will be created or saved in small business by 2019.
- Workforce development. Training for doctors, nurses and a full range of healthcare workers in high-quality jobs will be funded.
- Innovative technology. New opportunities for newly-developed information technology will be pursued, creating jobs and reducing expenses.
- Research. A new pathway for "biosimilar" products is included in the bill. Research, testing and clinical trails will be conducted in the U.S. by American employees, expanding on the newest developments in science and creating high quality research jobs in the country.
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